VWALX vs. VWAHX
VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both High Yield Muni funds from Vanguard. Both are actively managed. Over the past 10 years, VWALX returned 3.01%/yr vs 2.92%/yr for VWAHX. With a 1.00 correlation, they move nearly in lockstep. VWALX charges 0.09%/yr vs 0.17%/yr for VWAHX.
Performance
VWALX vs. VWAHX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VWALX having a 2.43% return and VWAHX slightly lower at 2.39%. Both investments have delivered pretty close results over the past 10 years, with VWALX having a 3.01% annualized return and VWAHX not far behind at 2.92%.
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
VWAHX
- 1D
- -0.09%
- 1M
- 1.96%
- YTD
- 2.39%
- 6M
- 2.84%
- 1Y
- 8.14%
- 3Y*
- 5.29%
- 5Y*
- 1.53%
- 10Y*
- 2.92%
VWALX vs. VWAHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 2.39% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
Correlation
The correlation between VWALX and VWAHX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 1.00 |
The correlation between VWALX and VWAHX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VWALX vs. VWAHX — Risk / Return Rank
VWALX
VWAHX
VWALX vs. VWAHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VWALX | VWAHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.67 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 2.75 | +0.03 |
| Martin ratioReturn relative to average drawdown | 10.12 | 9.98 | +0.14 |
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Drawdowns
VWALX vs. VWAHX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for VWALX and VWAHX.
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Drawdown Indicators
| VWALX | VWAHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -40.26% | +23.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -3.05% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -7.10% | -7.12% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -17.32% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -17.32% | +0.08% |
Current DrawdownCurrent decline from peak | -0.09% | -0.09% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -6.92% | +4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.84% | 0.00% |
Volatility
VWALX vs. VWAHX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) have volatilities of 0.90% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | VWAHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.90% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 2.38% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 3.23% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 4.80% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 4.64% | 0.00% |
VWALX vs. VWAHX - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than VWAHX's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VWALX vs. VWAHX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.12%, more than VWAHX's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 4.05% | 4.95% | 4.38% | 3.53% | 3.36% | 2.98% | 3.31% | 3.94% | 3.78% | 3.68% | 3.75% | 3.67% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
With a correlation of 1.00, VWALX and VWAHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VWAHX has higher volatility (0.90%) compared to VWALX (0.90%). In terms of maximum drawdown, VWALX dropped -17.24% vs VWAHX's -40.26%.
VWALX currently has the higher Sharpe Ratio (2.62 vs 2.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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